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Governor of the Central Bank: "we can not initiate development projects without dropping debts "
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Italian News - [8/13/2006]
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The governor of the Iraqi Central Bank Sinan Shabibi said that "more than half of Iraq debt owed are benefits accumulated" He added "Iraq can not start new development projects and reconstruction could not take place without being dropped from debt burden."
Al-Shabibi in a lecture delivered at the premises of the Iraqi Foreign causes the accumulation of debt, which stood at the Iraqi 146 billion dollars, almost due in particular to the "massive indebtedness of the former regime to fund the wars waged in the custody, and especially the Iran-Iraq war which lasted eight years.
" The Central Bank Governor, "it is hoped to cancel $120 billion of the total debt by the end of 2008," Russia will remain only "20 billion dollars," he said.
Referring to the role of Iraqi diplomatic relations management through bilateral and multilateral "aid in the realization of this achievement."
The Governor of the Bank achieved at the level of relationship with the Paris Club and the agreements that have been with him, He pointed out that an estimated "50 billion dollars of the total debt Iraq owed for this club has been uncontrollable conflagration" and stating that "Iraq has largely succeeded in persuading creditors to extinguish Iraqi debt will benefit them in future as they will be investment opportunities in Iraq is very significant.
" Turning Shabibi also to the relationship of Iraq with the International Monetary Fund, which is linked to the Paris Club in terms of mechanisms of action.
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